Wynn completes Al Marjan Island resort financing

Wynn Resorts Limited announced on Friday that Wynn Al Marjan Island has obtained a $2.4 billion construction facility with a global syndicate of lenders to finance the development of Wynn Al Marjan Island, the first integrated resort in the United Arab Emirates.

The seven year loan is structured as a delayed draw facility which provides significant financial flexibility to the joint venture partners and is the largest hospitality financing transaction in the history of the United Arab Emirates.

When open the resort, located 50 minutes from Dubai International Airport in the emirate of Ras Al Khaimah, will offer 1,542 rooms and suites. To date, 1,226 guest rooms in the tower structure have been completed, or 80 per cent of the total. Fit out is underway in approximately 1,121 rooms – including walls, floors, and ceilings, as well as all mechanical, electrical, and plumbing services. 

Meanwhile 64 per cent of the structural concrete has been completed up to the 34th floor of the main tower and elevator cores extending to the 36th floor.

In the low-rise portion of the building, the concrete and steel structures have reached a combined 70 per cent completion, while exterior facades and interior fit-out have commenced.  Elevator and escalator installation across the property is also progressing.

The bank syndicate providing the finance includes a mix of regional and international lenders. Abu Dhabi Commercial Bank PJSC and Deutsche Bank AG acted as Joint Coordinators of the financing. The joint coordinators, as well as First Abu Dhabi Bank PJSC, Emirates NBD Capital Limited, and The National Bank of Ras Al Khaimah, acted as Initial Mandated Lead Arrangers, Bookrunners and Underwriters, and Sumitomo Mitsui Banking Corporation DIFC Branch, Dubai acted as Lead Arranger. First Abu Dhabi Bank PJSC is acting as Agent and Security Agent for the lenders.